President-elect Donald Trump is naming one of the nation's richest men to be a special adviser on issues regarding regulatory reform.

Carl Icahn, a veteran of Wall Street who founded his own securities firm, was named by Trump on Wednesday.

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Icahn, an early Trump supporter, is estimated to worth more than $16 billion. Trump in a statement said the 80-year-old Icahn, one of the nation's leading investors, is "not only a brilliant negotiator, but also someone who is innately able to predict the future, especially having to do with finances and economies."

During his campaign, Trump repeatedly vowed to cut back on the number of government regulations on American business owners. Icahn said in a statement American businesses "have been crippled" by regulations.

"He is not only a brilliant negotiator, but also someone who is innately able to predict the future especially having to do with finances and economies," Trump said in a statement. "His help on the strangling regulations that our country is faced with will be invaluable."

According to the transition team for the president-elect, Icahn will advise Trump in his individual capacity and not serve as a federal employee or a special government employee and will not have any specific duties.